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Home Renovation Shows Could Lose you $1000’s – But Not For The Reasons You Thought

03.13.2015 By Elliott Insurance Insurance News

Let’s face it – we all love a good home renovation show. There’s nothing more satisfying that seeing a dodgy old house transformed into…

Let’s face it – we all love a good home renovation show. There’s nothing more satisfying that seeing a dodgy old house transformed into something new and wonderful in the space of only a few weeks and those before and after shots are always impressive.

These renovation shows are becoming increasingly popular and often people want to jump on the bandwagon to do up their own houses after being inspired by feature walls and infinity pools. However, there is a word of warning before would be renovators get started – you must make sure you have the proper insurance in place to avoid serious consequences.

Lack of Insurance Could Land You in Hot Water

A recent article on Perth Now discusses the pitfalls of forging ahead with home improvements without considering practical matters such as insurance. The article discusses that 50% of Australians don’t realise they need to let their insurance provider know that they were planning to renovate and over half had little idea of what their home and contents insurance policy actually covered. Most people assume they are covered for any renovations or, worse still, just don’t consider their insurance at all.

To cover yourself, contact your insurance broker or insurance provider before your renovations begin and explain what’s going on. They will be able to review your policy and make sure your home and contents insurance package is appropriate. Remember, every policy will have exclusions and you don’t want to find out too late that your insurance policy won’t cover the water damage from your bathroom renovations. If you let your insurer know ahead of time what’s going to be happening, they may be able to make some changes to your policy.

Before you let tradesmen loose on your house, always check to make sure they’re properly insured so they’re covered if anything goes awry. For example, tradesmen should have public liability insurance in place which means they are covered if they damage anything while carrying out your renovations. Checking that your tradesmen have insurance place gives you peace of mind while the improvements are happening.

Another thing to remember with insurance when you’ve made improvements to your home is to consider whether the renovations you’ve made have increased the value of your house. If so, you’ll need to let your insurance company know and have your property value adjusted accordingly.

Pick Up The Phone Before You Pick Up The Hammer

Before you start knocking down walls and adding in that extra room, take a moment to speak to your insurance broker who will be able to help you ensure you have the correct insurance in place. Every home and contents insurance policy is different and you need to make sure yours gives you the coverage you need during and after the renovations.

To discuss home and contents insurance or for any other queries, contact Elliott Insurance Brokers on 1300 635 315 today and we would be more than happy to help.